First United Bank & Trust raised its holdings in Verizon Communications Inc. (NYSE:VZ) by 2.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 40,951 shares of the cell phone carrier’s stock after buying an additional 1,157 shares during the period. First United Bank & Trust’s holdings in Verizon Communications were worth $2,211,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of VZ. Lion Street Advisors LLC acquired a new stake in Verizon Communications in the 2nd quarter valued at $25,000. Anfield Capital Management LLC bought a new position in shares of Verizon Communications in the 2nd quarter valued at about $32,000. Vigilant Capital Management LLC grew its position in shares of Verizon Communications by 313.3% in the 2nd quarter. Vigilant Capital Management LLC now owns 620 shares of the cell phone carrier’s stock valued at $35,000 after acquiring an additional 470 shares during the period. Baldrige Asset Management LLC bought a new position in shares of Verizon Communications in the 2nd quarter valued at about $37,000. Finally, West Financial Advisors LLC grew its position in shares of Verizon Communications by 197.6% in the 3rd quarter. West Financial Advisors LLC now owns 753 shares of the cell phone carrier’s stock valued at $41,000 after acquiring an additional 500 shares during the period. Hedge funds and other institutional investors own 63.61% of the company’s stock.
A number of brokerages have recently commented on VZ. Barclays decreased their price objective on shares of Verizon Communications from $56.00 to $55.00 and set an “equal weight” rating for the company in a research report on Monday, October 11th. Loop Capital began coverage on shares of Verizon Communications in a research report on Monday, September 20th. They issued a “hold” rating and a $57.00 price objective for the company. Deutsche Bank Aktiengesellschaft began coverage on shares of Verizon Communications in a research report on Tuesday, October 19th. They issued a “hold” rating and a $55.00 price objective for the company. Wells Fargo & Company decreased their price objective on shares of Verizon Communications from $58.00 to $56.00 and set an “equal weight” rating for the company in a research report on Thursday, October 21st. Finally, Cowen lifted their target price on shares of Verizon Communications from $68.00 to $71.00 and gave the stock an “outperform” rating in a report on Thursday, October 21st. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $60.00.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Tuesday, October 19th. The cell phone carrier reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.05. Verizon Communications had a net margin of 16.42% and a return on equity of 29.72%. The business had revenue of $32.90 billion during the quarter, compared to analysts’ expectations of $33.24 billion. During the same quarter in the previous year, the company earned $1.25 EPS. The business’s revenue was up 4.4% on a year-over-year basis. On average, sell-side analysts anticipate that Verizon Communications Inc. will post 5.37 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 1st. Shareholders of record on Friday, October 8th were paid a $0.64 dividend. This is a boost from Verizon Communications’s previous quarterly dividend of $0.63. The ex-dividend date was Thursday, October 7th. This represents a $2.56 annualized dividend and a yield of 4.96%. Verizon Communications’s payout ratio is 48.03%.
In other news, EVP Craig L. Silliman sold 1,554 shares of the business’s stock in a transaction that occurred on Monday, October 4th. The shares were sold at an average price of $54.45, for a total value of $84,615.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold a total of 4,662 shares of company stock valued at $252,898 in the last quarter. Corporate insiders own 0.10% of the company’s stock.
Verizon Communications Company Profile
Verizon Communications, Inc is a holding company, which engages in the provision of communications, information, and entertainment products and services to consumers, businesses, and governmental agencies. It operates through the Verizon Consumer Group (Consumer) and Verizon Business Group (Business) segments.
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